The Energy and Commodities Trading sector is investing heavily in technology. AI, cloud-native architectures, advanced analytics, market data platforms and trading optimisation tools have become strategic priorities as organisations seek to improve decision-making, increase operational efficiency and respond more rapidly to changing market conditions.


Yet despite record levels of technology investment, successful transformation remains the exception rather than the rule.


According to Gartner, global IT spending exceeded $5.5 trillion in 2025, with more than $1.7 trillion spent on technology services alone. Even using conservative assumptions, industry research suggests that between 50% and 80% of technology-led transformation expenditure fails to generate the intended value. At the lower end of those estimates, more than $226 billion is wasted every year on transformation initiatives that fail to deliver their objectives. When the wider organisational costs of change are included, including the people, operational and management effort that often accounts for as much as 70% of overall transformation expenditure, the total annual cost of unsuccessful transformation rises to more than $900 billion globally. At the upper end of the estimates, the figure exceeds $2.4 trillion annually.


For technology leaders, these statistics are more than an academic concern. Whether modernising an ETRM platform, building a cloud- based market data architecture, implementing AI-enabled software delivery or replacing decades of accumulated technical debt, the consequences of failure are significant. Delays impact trading operations, increase operational risk and erode confidence among business stakeholders.


Over decades of delivering complex technology and data programmes, a consistent pattern has emerged. Successful transformation initiatives are characterised by the consistent application of 14 core behaviours.


When these behaviours are missing, even technically sound initiatives can struggle to create value.


THE 14 BEHAVIOURS DRIVING SUCCESSFUL TRANSFORMATION


1. Frame the Right Problem, in the Right Way


Technology teams are often asked to deliver solutions before the organisation has clearly defined the problem. In trading environments, this frequently manifests as a desire to implement AI, migrate to the cloud or replace an existing platform without fully understanding the business challenge that needs solving.


The most successful programmes begin by establishing a clear understanding of the underlying problem. Is the objective to improve trader productivity, reduce operational risk, increase speed to market, improve data quality or create greater flexibility for future change? Clarity at this stage influences every decision that follows.


2. Match the Team Make-up to the Nature of the Problem


Commodity trading systems sit at the intersection of technology, markets and operations. Success requires more than strong engineering capability.


The most effective teams combine deep domain expertise, technical excellence and strong delivery disciplines. Engineers who understand trading workflows, risk management processes and market data challenges make better decisions and create solutions that are more closely aligned to business needs.


3. Inspect and Adapt


Markets change constantly. Requirements evolve. New information emerges.


Successful teams recognise that transformation is a learning process rather than a linear delivery exercise. Regular review cycles allow programmes to adjust course, improve delivery practices and respond to changing priorities before problems become embedded.


4. Confront Complexity Early


Trading organisations operate within some of the most complex technology ecosystems in any industry. Legacy applications, third-party market data feeds, ETRM platforms, cloud services and regulatory reporting systems create an intricate web of dependencies.


Ignoring complexity does not reduce it. Successful teams identify and address the most difficult dependencies and architectural challenges early, reducing risk throughout the programme lifecycle.


5. Do the Hard Stuff First


Programmes often focus on highly visible, low-risk activities to demonstrate progress.


The challenge is that transformation programmes rarely fail because the easy work was difficult. They fail because critical architectural, integration or organisational issues were left unresolved until late in delivery.


The most successful teams tackle the hardest problems first.


19 | ADMISI - The Ghost In The Machine | Q2 Edition 2026


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